About this Show

Journal

News/Business. Breaking news from around the world. (CC) (Stereo)

NETWORK
PBS

DURATION
00:29:59

RATING

SCANNED IN
San Francisco,CA

SOURCE
Comcast

TUNER
Channel 71 (507 MHz)

VIDEO CODEC
mpeg2video

AUDIO CODEC
ac3

PIXEL WIDTH
528

PIXEL HEIGHT
480

TOPIC FREQUENCY

Us 6, Paraguay 4, Afghanistan 4, Guido Westerwelle 4, Berlin 3, U.n. 3, Brussels 3, U.s. 3, Nato 3, Europe 3, Venezuela 3, Luxembourg 2, Latvia 2, Southern Somalia 2, Euros 2, Germany 2, Florida 2, American Express 1, Abb 1, Eu 1,
Borrow a DVD
of this show
  PBS    Journal    News/Business. Breaking news  
   from around the world. (CC) (Stereo)  

    July 21, 2011
    6:00 - 6:29pm PDT  

6:00pm
6:01pm
>> there is a strong media presence on the sidelines of the emergency meeting in brussels. inside, european leaders are working on a plan that could open the door to private sector involvement in any bailouts. the german chancellor supports such a plan. >> we want to pass a new greek program. this is an important sign and we want to get to the root of the problem. if that means that sustainability must be improved. >> first, greece must rein in their public sector debt or be given more time to pay it back. for that to happen, private creditors would have to swap their greek bonds for longer-
6:02pm
term ones. another option for the greek prime minister are euro bonds. the european union could issue them to greece at lower borrowing rates. one of the backers is the chief -- >> the options considered on not worlds apart. >> the bonds could mean a higher burden for germany, something that berlin is not keen to consider. >> for more on what the leaders have agreed on has been filtering out. stephen castle told us what he had been hearing. >> there are drafts of a statement circulating here and we are getting quite close to some kind of deal. they actually don't have very many figures in them. we don't know the details. the broad outline is clear. there will be a second bailout for greece. there will be a lot of help for
6:03pm
the greeks dealing with the burden of debt. the private sector will be involved. we are not expecting to get all of the details on how the private sector will be involved but it is clear that that will be a central part of the bailout. one other had lied, the bailout fund is set now to get more power. -- one other headline. that is what is on the table at the moment. >> that was stephen castle in brussels. >> things appear to be moving in the right direction. we're waiting for final confirmation on the second bailout package for greece. some details have been revealed. one of the key agreements is that a tax on the banking sector will not be part of the package. private bondholders such as banks, insurers, and investment
6:04pm
funds will bear some of the burden. >> the deal now is that the banks will likely have to bear some of the paint. they will exchange some of their greek bonds for new ones with a lower value, lower interest rates. >> a bond exchange like this would allow for a considerable reduction in the greek debt load. it could also mean that private investors would have to forgo some of their claims. in order to reach a reduction of $30-a 40 billion euros. -- 30-40 billion euros. >> german banks hold about 24 billion euros of greek debt and are the second biggest creditor debt. the biggest are the french banks with more than 39 billion euros of greek dead.
6:05pm
all of the same, if the plans go ahead, rating agencies could declare greece in partial default. -- the biggest other french banks with more than 30 million euros of greek debt. >> investors speculated that european union will extend a bailout for greece. our correspondent sent us this from the frankfurt stock exchange. >> many important details are missing from the picture at the end of the trading day here in frankfurt but what was known was enough to make the tax code from a minus to a plus. -- the dax go from a minus to a plus. one assumes that the financial institutions are not going to have to participate or pay as
6:06pm
much as was feared before this meeting in brussels. one assumes that there will be more stability, more solidity in the financial system and the strengthening of the european bailout fund. >> we can stay for a look at thursday's numbers. the dax closed nearly 1% higher. the euro stoxx 50 putting in a strong performance up by more than 2%. across the atlantic on wall street, the dow is currently up by 1.3%. on currency markets, the euro is much stronger against the dollar, trading at $1.43. as earnings the season continues, the misery also continues for nokia. they are reporting a steep net loss. the loss of 360 million euros was worse than expected. they remain the world's largest
6:07pm
automaker by volume but they have surrendered their lead in the global smart phone market to apple. they have failed to come up with attractive smart phone offering to compete with the iphone as well as research in motion's blackberry. which one do you have? >> i had a blackberry for years and i have switched to iphone. i have gone over to the dark side. >> that's the verdict. >> german media sources said that berlin has dispatched a senior diplomat to ask the president of yemen to step down. he has arrived in saudi arabia where he is being treated in hospital. he was injured in a bomb blast in june. saleh is being asked to accept the proposal from the gulf cooperation council which would see him step down in exchange for immunity from prosecution.
6:08pm
the natal led force in afghanistan has begun handing over responsibility for security to afghan forces. -- the nato-led force in afghanistan has begun handing over responsibility. guido westerwelle will be on hand. >> guido westerwelle was met by his afghan counterpart when he arrived in kabul. plans to withdraw german troops are taking shape but guido westerwelle gave no specifics on when it was start. >> i want to stress that we know we have a responsibility in afghanistan after 2014. also, we will not forget about afghanistan after that date. >> guido westerwelle and discussed security with hamid karzai.
6:09pm
the taliban has continued attacks during the transition phase as control passes from nato troops to afghan forces. >> the hacker group anonymous has targeted the colombian president and one of british murdoch's papers. they say they have broken into servers belonging to nato and have got their hands on restricted material. they said that they were sitting on a gigabyte of data stolen from the military alliance. on wednesday, authorities in the u.s. and europe arrested 21 alleged members of the anonymous. nato has called the group a threat to governments and the people. for anyone out there who has criticized their employer, there is some good news. the european court of justice has ruled in favor of a nurse who complain about the care of a nursing home she worked at and was fired up -- was fired
6:10pm
forward. >> she lost her job as a jury after connors after bringing a criminal complaint against her employers. -- she lost her job as a nurse for the elderly. the european court of human rights has ruled the dismissal on fair and infringe upon the right of free expression. she accused the nursing-home fraud. she said the company failed to offer the high quality care promised in their advertisements and was putting its patients at risk. the health insurance fund sought similarly. after the company dismissed her without notice, she complained with the berlin labor court. even after an appeal, the dismissal was found to have been legal. the european court sees things differently. >> the court said the case had a
6:11pm
strong public interest and righe informed over the decisions that made for those that are in nursing homes. there was also the report from the health insurance company. >> the german government must pay the mayor's 10,000 euros in compensation. she hopes that the judge will be helpful to other whistle- blowers. -- the german government must pay the nurse at 10,000 years. >> the deputy of adolf hitler has been exhumed from his grave and the grave site has been destroyed. it is a place where neo-nazis gather and recruit. >> neo-nazis have traditionally raised their public profile with marches like this one. this is an increasingly useful propaganda platform and they use
6:12pm
the internet. they target people on social networking sites like facebook. >> they reach a large number of people at lightening speed and that gives the right wing crowd a huge advantage. they are making use of it. we have seen a new right wing facebook page every day. >> roughly 6000 right wing extremists were on social network sites last year. governments are asking people to resist actively on the internet and on the streets. >> for every neo-nazi demonstrations, three times as many counter demonstrators show up. that is very important to happen on the internet as well. we are urging people to react to what they see. >> -- advises parents to watch their children's activities on the internet so they can react swiftly if their children are approached by neo-nazis on line.
6:13pm
>> the u.n. has called an emergency meeting in rome to mobilize aid for east africa. millions of people are facing starvation. the u.n. declared the first >> in 20 years in southern somalia. every day, thousands of people are crossing the border from somalia into ethiopia and kenya in search of food. -- the u.n. declared the first famine in 20 years and southern somalia. there are plans to start air lifting assistance within days. on to some sports news. luxembourg's -- has won the last stage of the tour de france. he crossed the line after a grueling right that included a three high-altitude climes. he was still 15 seconds short of taking the overall leader's jersey.
6:14pm
moving on to soccer now with a double dose of testosterone. paraguay and venezuela faced off at the semifinal at the copa america on wednesday. paraguay one in a penalty shootout and that is when the fist's started flying. >> they kept their nerve. jubilation for the favorites after a disappointing game. the match ended in a scoreless draw up. venezuela credits and good old chances. paraguay hung on by the skin of their teeth. -- venezuela created some good goal chances. >> may him broke out on the pitc. the brawl involved players and coaching staff ended with police escorting them off the field. paraguay will have to wait and see if disciplinary action will
6:15pm
interfere with their plans against uruguay. >> the space shuttle is officially history. the space shuttle touched down in florida. the atlantis pierced the sky just before dawn over the kennedy space center. here is what it looked like. >> the atlantis returned to earth at cape canaveral, florida on thursday. it was the last space shuttle landing. thousands of spectators witnessed the end of an era. after 13 days in orbit, atlantis touched down shortly before sunrise, smoothly and runtime. for 30 years, the shuttle has been the workhorse of the u.s. space program. if carried astronauts, satellites, and segments of the international space station into orbit. the first was the columbia on april 12th, 1981. the shuttle astronauts were
6:16pm
scientists as well. in 1986, disaster struck when the challenger exploded just after launching. the cause was a faulty rocket booster seal. all seven aboard lost their lives. in 2003, the columbia disintegrated on reentry into the atmosphere. again, all seven crew members died. the commission concluded that the shuttle flights were too dangerous and too expensive. the 135th flight was the last. >> we got to take a ride. we sure hope that everyone who was ever working or touched or looked at or and feet or admired a space shuttle was able to take the journey with us. -- or envied oradmired a space
6:17pm
shuttle was able to take a journey with us. >> the space shuttles will go on display. >> steve is back in a minute.
6:18pm
>> will come back. as we have been hearing, eurozone leaders appear to be closer to reaching a deal on the eurozone debt crisis and greece in particular. there might be a second taxpayer sponsored bailout, building consensus for eurozone members is difficult. >> in the discussions on how to lift the burden of greece's debt, ever more voices are calling for tougher measures to be taken. one of those is commonly known as a hair cut. in this form of debt relief, creditors agree to forgo part of their principal. a 40% where cut would reduce each 100 euros of debt to 60
6:19pm
which would mean that they would lose almost half of their initial investment. their hair cut would not only eliminate huge amounts of the money presuppose but also speed up the repayment of the rest. creditors wrote off 20% of greece's national debt and the coming years, the country would have a lowered principle to pay. athens could potentially reduce their overall debt by more than a quarter by 2030. greece needs access to cheaper loans. that is why politicians are in favor of making it easier for athens to repay aid from the rescue fund at low interest rates over a longer time. greece would be able to restore their ruins as well as getting their finances in order. >> for a look at market reaction in new york, let's catch up with our correspondent at the nyse. it looks like a deal has been reached on this side of the atlantic.
6:20pm
>> that is what it looks like if you look at stock prices in europe and the u.s., especially when it comes to the stocks of the financial operations. they are doing pretty well here and in europe. i talked to a couple of traders. no one seems to be too into the ethics when it comes to a private partnership. let's say that the private side of the market agrees to an extension when it comes to the payment of the bonds and treasurys. is that really a good sign that you do not get what you were promised? there is quite some skepticism here. we are kicking the can down the road. it looks like nothing really gets done. i see a pretty muted response to those ideas at least here on wall street even as prices are moving higher. >> the world's biggest computer chip maker beat expectations with the latest numbers but their shares are trading lower.
6:21pm
what is the story? >> the past looks good but the future is shaky and that is what wall street is trading for. we are trading the future, not the past. intel depends heavily on the pc market and that is not the biggest growth area. it's a big growth is in the mobile sector and not in the pc market which had to lower the expectations for the pc business for the months ahead. there is a mixed outlook and that is the reason why the stock of intel is losing in the thursday session. >> what other shares or stories are standing out in the session? >> basically, we got extremely good numbers if you compare them to expectations from morgan stanley, the last big american bank to come out with earnings. the stock is trading up by 1.9%. that helps to support financial stocks and wall street.
6:22pm
we had a pretty gloomy outlook from pepsi. they had decent numbers for the past but the outlook is a bit disappointing. that stock is one of the bigger losers with a drop of about 5%. >> thank you very much. staying with earnings, things are looking up for american express. cardholders spend a record amount in the second quarter of this year and that sent profits surging to over $1.3 billion. this was a bit of a comeback. many corporate clients cut back on spending during business trips during the financial crisis and financial -- and american express was hit by bad debts. many customers have been paying off debt outstanding debts with the company. abb is profiting from strong demand from emerging markets. their second quarter net
6:23pm
earnings jumped almost 50% to 890 million euros. they make huge electrical transformers for power utilities as well as industrial robots. the company expects profit from an expected move away from nuclear power and the upgrade of aging power and power infrastructure. it is not just grease under a mountain of debt, other eurozone nations which you might not suspect are deep in the red. our number cruncher reveals the details. >> 7 trillion 837,207 million euros, that is the total national debt of the 17 eurozone members. this accounts for 85% of the annual gdp which is much more than the rules allow. luxembourg and estonia meet the stability and growth criteria that germany does not because
6:24pm
their national debt stands at 83% of annual gdp. that means that most of the eurozone members are not complying with the rules that were established when the common currency was introduced almost a decade ago. >> lafayette is still alive to adopt the euro and they are taking drastic measures to meet the requirements set by the eu commission. -- latvia is still able to adopt the euro. they have cut public sector wages by almost 1/3. >> just like in the rest of the country, this hospital has had to cut back. the chief physician has laid off a third of the staff and cut salaries by 20%, including his own. nearly half of his patients don't have health insurance. those who can pay must leave the hospital early.
6:25pm
>> we cannot carry out some difficult operations. for example, transplants. we have specialists here but the state is not have enough money to pay for everything. -- does not have enough money to pay for everything. >> in order to avoid default, they have reduced spending on social services and increased social security and income taxes. after the country's gdp tumbled more than 20% during the recession, they are slowly recovering. this company recycles aluminum. its main buyer is the competitive -- is the automobile industry. many people believe that the currency policy is partially responsible for the crisis. for years, their currency has been pegged to the euro making it relatively strong. >> i think the government showed no longer peg to the euro and devalue our currency.
6:26pm
that would help the economy to recover because our products would be cheaper abroad. then we could sell more aluminum to germany. that would really help us. >> the center bank is against on pegging from the euro. their goal is to adopt the euro by the beginning of 2014. >> there would be only losses and nothing else. there would be much more uncertainty, there would be much more expensive imports which would eventually make our exports much more expensive. we have to stick to the fixed exchange rate. >> next year, latvia plans to reduce government spending by 120 million euros. they don't know where the cuts will be made.
6:27pm
the intensive care has been closed. they can no longer treat accident victims. >> the weather is next. stay with us.
6:28pm
6:29pm
o?7o7gg7ogw